Fed Govt to build gemstone market in Ibadan

Fed Govt to build gemstone market in Ibadan


Minister of Mines and Steel Development, Olamilekan Adegbite has said the Federal Government is set to build a gems’market in Ibadan, Oyo State.

Adegbite made this known yesterday in Ibadan when he received two hectares of land documents donated for that purpose by the Oyo State Government.

The land is located at Ojoo, along Ibadan-Oyo Road, in Akiinyele Local Government Area of the state.

“This is an initiative of President Muhammadu Buhari; part of the post- COVID-19 palliatives that is being done by the Ministry of Mines and Steel Development. It is aimed at developing the activities in the sector within the six zones in the country,” Adegbite said.

According to him, for the Southwest zone, the government chose to promote gemstone trading, which is already going on in Ibadan – as an informal market in Ojoo area of the state.

He explained that the idea was to formalise the market, noting that gemstone business has become  an international business. He added that the market would enhance gemstone trading and be beneficial to the federal, state and local governments.

“Also, it will spur activities for people, enhance market, at the same time improve the local economy and also generate revenue for government, both at the state and Federal,” Adegbite said.

He acknowledged the support of the government to make things move, through the donation of the land for the project.

“We have the land now and can begin to do what is necessary: we need to do the architecture, planning and the construction of the market. Then, move the informal market at Ojoo to this place after its completion,” Adegbite said.

He said funding for the project was available, assuring the people that his ministry would try its best to complete the project for inauguration before the end of this year.

In their remarks, the state Commissioner for Energy and Mineral Resources, Mr Seun Ashamu and the Chairman, Oyo State Solid Mineral Development Agency, Mr Abiodun Oni,  noted that the project would complement the diversification plans of the Governor Seyi Makinde-led administration.

The duo also said the establishment of the gemstone market would surely boost the internally generated revenue of the state.

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